Company Quick10K Filing
BP Midstream Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-11-14 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-22 Annual: 2017-12-31
10-Q 2017-12-06 Quarter: 2017-09-30
8-K 2019-11-12 Earnings, Regulation FD, Exhibits
8-K 2019-08-08 Earnings, Regulation FD, Exhibits
8-K 2019-08-06 Enter Agreement, Officers, Exhibits
8-K 2019-06-19 Officers
8-K 2019-05-09 Earnings, Regulation FD, Exhibits
8-K 2019-02-28 Earnings, Regulation FD, Exhibits
8-K 2018-11-14 Earnings, Regulation FD, Exhibits
8-K 2018-10-01 Enter Agreement, M&A, Regulation FD, Exhibits
8-K 2018-08-09 Earnings, Regulation FD, Exhibits
8-K 2018-05-10
8-K 2018-05-08 Enter Agreement, Officers, Exhibits
8-K 2018-03-22 Earnings, Regulation FD, Exhibits
8-K 2018-03-09 Accountant, Exhibits

BP Midstream Partners Financials

BPMP Metrics, Comps, Filings

Annual | Quarterly

Business

We are a fee-based, growth-oriented master limited partnership formed by BP Pipelines, an indirect wholly owned subsidiary of BP, to own, operate, develop and acquire pipelines and other midstream assets. Our assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines and refined product terminals serving as key infrastructure for BP and other customers to transport onshore crude oil production to BP's Whiting Refinery and offshore crude oil and natural gas production to key refining markets and trading and distribution hubs. Certain of our assets deliver refined products and diluent from the Whiting Refinery and other U.S. supply hubs to major demand centers.

We have historically generated substantially all of our revenue under long-term agreements or FERC-regulated generally applicable tariffs by charging fees for the transportation of products through our pipelines. Substantially all of our aggregate revenue on BP2, Diamondback and River Rouge is supported by commercial agreements with BP Products. BP Products has entered into minimum volume commitment agreements with respect to BP2, River Rouge and Diamondback that have terms running through December 31, 2020. We also have a second minimum volume commitment agreement on Diamondback, with a term running through June 30, 2020. BP Pipelines also granted us a seven-year ROFO through 2024 with respect to its retained ownership interest in Mardi Gras and all of its interests in midstream pipeline systems and assets related thereto in the contiguous United States and offshore Gulf of Mexico that are owned by BP Pipelines. We refer to these assets collectively as the "Subject Assets".

Our primary business objectives are maintaining the safe and reliable operation of our assets to generate stable and predictable cash flows and increase our quarterly cash distribution per unit over time while maintaining a conservative balance sheet.


Valuation ($MM)

Market Cap, Enterprise Value

Balance Sheet ($MM)

Assets, Stockholders' Equity

Income Statement ($MM Annual)

Revenue, Gross Profit, Net Income

Cash Flow ($MM Annual)

Operating, Investing, Financing

Comps ($'000 TTM) Market Cap Gross Margin EV/EBITDA Ret on Assets Assets Liabilities Revenue G Profit Net Income EBITDA EV
Energy Transfer (ET) 2% 4.6 5% 90,812,000 69,978,000 41,618,000 831,000 4,565,000 9,977,000 46,065,000
Buckeye Partners (BPL) 41% 20.7 -1% 8,491,158 4,406,537 3,805,005 1,549,363 -90,549 179,712 3,723,870
Antero Midstream Partners (AM) 0% 2.3 17% 3,546,417 1,854,909 1,028,522 0 585,944 715,957 1,632,147
Enlink Midstream Partners (ENLK) 16% 9.1 -1% 9,424,100 7,667,200 1,234,200 -107,800 493,900 4,480,000
Magellan Midstream Partners (MMP) 75% 2.6 17% 8,005,440 5,367,661 2,676,338 2,003,326 1,369,972 1,654,323 4,376,547
Western Gas Partners (WES) 62% 4.8 5% 9,236,282 5,704,703 1,944,038 1,204,352 452,561 979,901 4,749,552
NuStar Energy (NS) 0% 28.5 -3% 6,379,691 3,977,791 1,858,586 0 -181,650 120,466 3,431,579
DCP Midstream (DCP) 20% 6.2 3% 14,033,000 6,880,000 9,363,000 1,881,000 373,000 906,000 5,585,000
Southcross Energy Partners (SXE) 6% -1.2 -91% 631,824 735 303,985 17,859 -572,190 -466,563 577,599
Shell Midstream Partners (SHLX) 0% -0.5 28% 2,004,000 2,771,000 547,800 0 558,200 558,500 -257,000
Plains All American Pipeline (PAA) 15% 2.0 12% 27,757,000 14,684,000 34,206,000 5,120,000 3,245,000 4,343,000 8,715,000
MPLX (MPLX) 0% 4.9 8% 23,746,000 15,872,000 6,702,000 0 1,952,000 2,836,000 14,023,000
Noble Midstream Partners (NBLX) 74% 2.7 9% 2,498,531 999,971 582,037 428,143 221,751 314,496 862,951
American Midstream Partners (AMID) 19% 2.2 -0% 1,715,737 1,278,288 772,944 143,945 -6,980 205,203 450,724
Delek Logistics Partners (DKL) 24% -0.0 11% 769,310 913,610 631,233 150,976 87,603 153,179 -5,440
Plains GP Holdings (PAGP) 15% 2.1 11% 29,033,000 14,691,000 34,206,000 5,120,000 3,078,000 4,230,000 8,706,000
Western Gas Equity Partners (WGP) 81% 5.5 5% 11,980,531 8,489,321 2,426,979 1,955,670 639,476 1,335,731 7,393,653
Summit Midstream Partners (SMLP) 78% 5.7 2% 2,897,702 1,790,587 492,244 385,923 64,004 239,563 1,365,029
CNX Midstream Partners (CNXM) 0% 2.1 14% 1,127,617 702,579 231,385 0 156,924 185,954 382,011
Andeavor Logistics (ANDX) 46% 5.0 6% 10,550,000 6,016,000 2,496,000 1,139,000 658,000 1,049,000 5,275,000

Balance Sheet ($'000)2017-12-312018-12-31
Cash32,69456,970
Accounts Receivable188325
Inventory
PP&E69,48868,580
Assets605,658693,203
Accounts Payable269607
Long-Term Debt468,000
Liabilities24,803482,351
Stockholders' Equity238,52569,878
Income Statement ($'000)2017-12-312018-12-31
Revenue2,2042,836
Cost of Revenue
Gross Profit
R&D
SG&A8954,582
Tax25,3180
Net Income68,976165,676
Cash Flow ($'000)2017-12-312018-12-31
Cash Operating69,241173,783
Cash Investing4,990-69,164
Cash Financing-41,537-80,343